Corvus Insurance

Corvus leverage big data and AI to provide tools and insight for commercial insurance brokers and their clients that help them predict and prevent loss. The main proposition is founded on large, novel sets of data which are used to improve their risk modelling and risk management tools through cutting edge data science and machine learning.

Thanks to partnerships with providers of industry-specific data, Corvus is able to collect information from business-critical management, monitoring, and logistics systems to provide brokers and policyholders insight into the insured operations for troubleshooting, predicting and preventing claims. In the aggregate, this data can be used to offer business intelligence on complex business decisions. The company updated its offering in October 2019, with the underwriting model offering limits up to $1,000,000 to those organisations identified by the Corvus Scan as having taken the most effective steps to reduce the risk of a social engineering attack.

In addition to a conventional Cyber product, Corvus launched a smart Cargo + Cyber product in July 2019, which aims to help clarify cyber coverage for Ocean Cargo Insurance policies.

Corvus expanded its offering in August 2019 with the launch of Smart Tech E&O cover. The new product aids brokers and policy holders in the prediction and prevention of risk through IT security analysis, industry benchmarking and ongoing monitoring.

In January 2020 Corvus Insurance reportedly sold shares worth around $31m in a $32m investment round, according to a US SEC filing.

Corvus raised a $100m Series C in March 2021, valuing the company at $750m.

In April 2021 Corvus partnered with specialty P&C insurer Skyward Specialty to expand the Corvus SmartCargo + Cyber offering, a data-driven cargo policy with comprehensive cyber liability endorsement. The partnership will bring the coverage to new industries and enable the analyses of larger risks.

In May 2021 Corvus Insurance raised an additional $15m extension to its previous $100m Series C round. The company stated it would used the funds to further expand operations and business development.

In June 2021 it was reported that Corvus had cut its cyber appetite after hitting its premium cap on its cyber capacity deal.

In August 2021 Corvus acquired Maryland-based MGA SeQure, which conducts business as Wingman Insurance. The latter provides a tech platform for cyber and tech errors in all 50 states of the US. Its specialty insurance product is designed for the protection of SMEs from cyber attacks.

In September 2021 Corvus launched a new platform that will allow its program carriers and reinsurers to review premiums, policy numbers and limits at risk in real time, as well as other metrics, in order to quantify risk aggregations. The new platform was built to meet demand after the rise in concern over the aggregation of cyber risks and growing number of ransomware attacks.

Also in September, Corvus announced a strategic investment and multi-year underwriting capacity partnership with global specialty (re)insurer SiriusPoint, which will support existing and future commercial insurance product offerings.

In November 2021 Corvus Insurance partnered with CyberCube, leveraging the latter's Portfolio Manager to better analyse and understand cyber risk. It will also use CyberCube's Single Point of Failure model and Attritional Loss model.

In January 2022 it was revealed Tarian Underwriting was being acquired by Corvus Insurance. Following the deal, Corvus has gained instant access to global underwriting capabilities (it covers the UK, US, Middle East, Canada and Australia) and also access to Lloyd's cyber insurance capacity.

In November 2022 Corvus partnered with Travelers Insurance, with the latter backing Corvus Smart Cyber Insurance in the European Union.

In July 2023 Corvus Insurance announced new AI- and NLP-driven features to increase the degree of automation of routine manual tasks in the underwriter’s workflow within Corvus Risk Navigator. Corvus reports that these features have further reduced the workload on its underwriters, increasing quoting efficiency and speed while delivering an industry-leading loss ratio below 40%. Enhancements include: Automated industry verification utilising large language models, Automated application intake, and Instant guideline validation of application information against underwriting guidelines.

Headquartered in Boston, Massachusetts, Corvus holds additional offices in New York City, Los Angeles, Dallas, and Atlanta.